BTC constantly rejected by descending EMAs
Updated
Hello guys, as mentioned in previous posts, Im just a day trader showing my ideas, do not take this as financial advice, always do your own research (DYOR).
In previous ideas I talked about how BTC was struggling to get past the 48k resistance, suck in a range between 48k and 46k.
We expected some downturn, which we got, and we are now trading in the low side of that range at the border of 46k.
At the same time, we can see that the 600ema, 200ema, and 100ema are closing in, and we can see how price reacted with them in the past (Specifically how the 600ema rejects every attempt to break the downtrend), so we can safely say we are in a ranging downtrend, with the ceiling closing in.
Things are not looking bullish short term for the pair, and I expect the local support that spanned through 46.5k to 47.5k to turn into a local resistance. We can also see the formation of a descending triangle in the 5min and 15min charts, which would suggest a sharp turn to the downside after a few cycles (However BTC rarely follows candlestick patterns).
In my opinion, we're revisiting lows, either in a couple of hours or after ranging for a few days in this lower band (46.5k to 47.5k).
Im personally looking into entering a LONG position once we are clear of this range, which, more likely to the downside, at 42k.
Again, this is just an idea, DYOR.
Any feedback is apreciated.
In previous ideas I talked about how BTC was struggling to get past the 48k resistance, suck in a range between 48k and 46k.
We expected some downturn, which we got, and we are now trading in the low side of that range at the border of 46k.
At the same time, we can see that the 600ema, 200ema, and 100ema are closing in, and we can see how price reacted with them in the past (Specifically how the 600ema rejects every attempt to break the downtrend), so we can safely say we are in a ranging downtrend, with the ceiling closing in.
Things are not looking bullish short term for the pair, and I expect the local support that spanned through 46.5k to 47.5k to turn into a local resistance. We can also see the formation of a descending triangle in the 5min and 15min charts, which would suggest a sharp turn to the downside after a few cycles (However BTC rarely follows candlestick patterns).
In my opinion, we're revisiting lows, either in a couple of hours or after ranging for a few days in this lower band (46.5k to 47.5k).
Im personally looking into entering a LONG position once we are clear of this range, which, more likely to the downside, at 42k.
Again, this is just an idea, DYOR.
Any feedback is apreciated.
Trade active
46k support was tested once again, 47k local support flipped to resistance, and the 600ema rejecting the pair once again.I expect the 46k resistance to be re-tested and with the high volatility we are experiencing this time im might crack, leading us to lower levels.
Prepare your longs at 42k!
Trade closed: target reached
All done for short! Closed at 45.5k. Now waiting for a signal to enter a LONG position.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.